Elevance Health, Inc. (NYSE:ELV) Shares Bought by PNC Financial Services Group Inc.

PNC Financial Services Group Inc. lifted its position in shares of Elevance Health, Inc. (NYSE:ELV - Free Report) by 2.3% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 79,122 shares of the company's stock after purchasing an additional 1,798 shares during the quarter. PNC Financial Services Group Inc.'s holdings in Elevance Health were worth $34,415,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the company. Arete Wealth Advisors LLC raised its position in shares of Elevance Health by 9.1% in the fourth quarter. Arete Wealth Advisors LLC now owns 826 shares of the company's stock worth $305,000 after acquiring an additional 69 shares during the period. Resona Asset Management Co. Ltd. acquired a new stake in shares of Elevance Health during the 4th quarter valued at about $28,164,000. Bank of Nova Scotia increased its stake in shares of Elevance Health by 183.0% in the 4th quarter. Bank of Nova Scotia now owns 134,160 shares of the company's stock valued at $49,492,000 after purchasing an additional 86,758 shares in the last quarter. Renaissance Technologies LLC purchased a new position in shares of Elevance Health in the 4th quarter valued at about $45,365,000. Finally, Greenland Capital Management LP acquired a new position in Elevance Health in the 4th quarter worth about $259,000. 89.24% of the stock is owned by hedge funds and other institutional investors.

Elevance Health Trading Down 3.2%

Shares of Elevance Health stock opened at $274.10 on Monday. The company has a debt-to-equity ratio of 0.64, a current ratio of 1.44 and a quick ratio of 1.44. The stock's 50 day simple moving average is $349.86 and its 200-day simple moving average is $389.08. The stock has a market cap of $61.72 billion, a P/E ratio of 11.66, a P/E/G ratio of 1.01 and a beta of 0.58. Elevance Health, Inc. has a 1-year low of $273.84 and a 1-year high of $567.26.

Elevance Health (NYSE:ELV - Get Free Report) last posted its quarterly earnings results on Thursday, July 17th. The company reported $8.84 EPS for the quarter, missing the consensus estimate of $9.30 by ($0.46). Elevance Health had a return on equity of 17.59% and a net margin of 2.83%. The company had revenue of $49.42 billion for the quarter, compared to analysts' expectations of $48.26 billion. During the same quarter in the prior year, the firm earned $10.12 EPS. The firm's revenue was up 14.3% on a year-over-year basis. Analysts predict that Elevance Health, Inc. will post 33.96 EPS for the current fiscal year.

Elevance Health Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 25th. Stockholders of record on Wednesday, September 10th will be paid a $1.71 dividend. The ex-dividend date of this dividend is Wednesday, September 10th. This represents a $6.84 annualized dividend and a dividend yield of 2.5%. Elevance Health's dividend payout ratio is 29.11%.

Analysts Set New Price Targets

ELV has been the topic of several research analyst reports. JPMorgan Chase & Co. dropped their price objective on Elevance Health from $472.00 to $384.00 and set an "overweight" rating on the stock in a report on Tuesday, July 22nd. Robert W. Baird dropped their price target on shares of Elevance Health from $492.00 to $297.00 and set a "neutral" rating on the stock in a research note on Friday, July 25th. Argus reissued a "hold" rating on shares of Elevance Health in a report on Monday, July 21st. Wall Street Zen downgraded shares of Elevance Health from a "buy" rating to a "hold" rating in a report on Friday, July 18th. Finally, Mizuho lifted their target price on shares of Elevance Health from $455.00 to $505.00 and gave the company an "outperform" rating in a research report on Wednesday, April 9th. Seven investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $418.19.

Insider Buying and Selling at Elevance Health

In other news, CEO Gail Boudreaux purchased 8,500 shares of Elevance Health stock in a transaction dated Friday, July 18th. The shares were purchased at an average price of $286.94 per share, with a total value of $2,438,990.00. Following the transaction, the chief executive officer owned 151,020 shares in the company, valued at $43,333,678.80. This represents a 5.96% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.29% of the stock is currently owned by company insiders.

Elevance Health Company Profile

Elevance Health, Inc, together with its subsidiaries, operates as a health benefits company in the United States. The company operates through four segments: Health Benefits, CarelonRx, Carelon Services, and Corporate & Other. It offers a variety of health plans and services to program members; health products; an array of fee-based administrative managed care services; and specialty and other insurance products and services, such as stop loss, dental, vision, life, disability, and supplemental health insurance benefits.

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